Edison sells to Snam ITG and 7.3% interest in Adriatic LNG

The transaction, announced on July 25, is worth €225 million and is part of the company's non-strategic asset disposal program that will finance Edison's investment plan to achieve market leadership in renewable energies and expand its retail customer base.

 

Milan, 13 October 2017 – Edison announces that today it has transferred to Snam S.p.A. the 100% stake in Infrastrutture Trasporto Gas (ITG), owner of the Cavarzere Minerbio gas pipeline, and the 7.3% equity investment in Terminale GNL Adriatico (Adriatic LNG), the company that owns the regasification terminal in Rovigo.

In particular, ITG is the company that built and operates the 83km Cavarzere Minerbio gas pipeline, connecting the Adriatic LNG’s regasification terminal to the Snam Rete Gas national transport network. The pipeline has a transport capacity of 9.6 billion cubic meters per year, and since 2009 it has allowed the transport of approximately 10% of the gas imported in Italy.

Adriatic LNG operates a regasification terminal with a capacity of 8 billion cubic meters located off the coast of Rovigo. Edison sells to Snam S.p.A. its remaining equity investment equal to 7.3% of the company's share capital, while maintaining the use of 80% of the terminal's capacity. Edison has a long-term contract with RasGas for the supply of 6.4 billion m3 of natural gas per year to be regasified by the Rovigo terminal.

Should Adriatic LNG sign new contracts for the use of the terminal's capacity, Edison will have an additional earn-out.

The company intends to invest the resources from the disposal of these non-strategic assets in Italy in the short term, to support Edison's strategic development plan envisaging strengthening of renewable energy sources. The ultimate goal is reach 40% of the production mix from green sources by 2030, and to expand its customer base.

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Public disclosure requirements under CONSOB Resolution no. 11971 of 14 May 1999, as amended.